Bonds of the State of Tennessee: First Mortgage Liens on Railroads in that State. Opinion of Charles O'Conor Upon Statement of E.L. Andrews, of Counsel

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American Bank Note Company, Type Department, 1879 - 133 páginas
 

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Página 2 - ... is excepted out of the general powers of government, and shall forever remain inviolate; and that all laws contrary thereto, or to the following provisions shall be void.
Página 26 - ... the State, and also of the stockholders, bondholders, creditors and others in said roads ; and to make all such rules, orders and decrees interlocutory and final as may be deemed necessary in order to a final and proper adjustment of the rights of all the parties, preliminary to a sale of the interest of the State in said road. Also to declare the exact amount of indebtedness of each of said companies to the State ; and likewise to define, as may be thought proper, what sHall be the rights, duties...
Página 11 - ... this act, it shall be the duty of the Governor to appoint an agent for the State, who shall attend said sale, and protect the interest of the State, and shall, if necessary to protect said interest, buy in said road or property, in the name of the State, and in case said agent shall purchase said road for the State, the Governor shall appoint a receiver, who shall take possession of said road and property, and use the same as provided for in the 5th section of this act, and said receiver shall...
Página 9 - That at the end of five years after the completion of said road, said company shall set apart one per centum per annum upon the amount of bonds issued to the company, and shall use the same in the purchase of bonds of the State of Tennessee, which bonds the company shall pay into the treasury of the State, after assigning them to the Governor, and for which the Governor shall give said company a receipt...
Página 7 - State herein secured ; and any such lien, incumbrance, or mortgage shall be null and void as against said lien or mortgage of the State, and the said lien or mortgage of the State shall have priority over all other claims existing or to exist against said company.
Página 15 - Assembly as a loan to internal improvement companies, and the said bonds shall bear date on the first day of January, prior to their issuance, and the coupons thereto shall be payable on the first days of January and July, of each year.
Página 5 - Facts the Governor of the State that said subscriptions are good and solvent, and whenever said company shall have graded, bridged, and shall have ready to put down the necessary timbers for the reception of rails, and fully prepared a section of thirty miles of said road at either terminus...
Página 29 - ... under the provisions of this act, all the rights, privileges, and immunities appertaining to the franchise so sold under its act of incorporation and the amendments thereto, and the general improvement law of the State and acts amendatory thereof, shall be transferred to and vest in such purchaser, and the purchaser shall hold said franchise subject to all liens and liabilities in favor of the State, as now provided by law against the railroad companies.

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